Could Global X Funds (SOCL) Recover After Forming a Bullish Wedge Up Chart Pattern?

September 17, 2017 - By Adrian Mccoy

The stock of Global X Funds (SOCL) formed an up wedge with $32.78 target or 3.00 % above today’s $31.83 share price. The 9 months wedge indicates low risk for the $162.33 million company. If the $32.78 price target is reached, the company will be worth $4.87 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.19% or $0.06 on September 15, reaching $31.83. About 42,144 shares traded. Global X Funds (NASDAQ:SOCL) has risen 52.91% since September 17, 2016 and is uptrending. It has outperformed by 36.21% the S&P500.

More notable recent Global X Funds (NASDAQ:SOCL) news were published by: Nasdaq.com which released: “Global X Launches Yield-Generating Pref ETF” on September 13, 2017, also Prnewswire.com with their article: “Global X Funds Announces Launch of the Global X US Preferred ETF (PFFD)” published on September 13, 2017, Etfdailynews.com published: “Global X Funds Debuts Ultra Cheap Preferred Stock ETF (PFFD)” on September 15, 2017. More interesting news about Global X Funds (NASDAQ:SOCL) were released by: Streetinsider.com and their article: “Form 497J Global X Funds” published on September 13, 2017 as well as Ft.com‘s news article titled: “BlackRock fund bets big on electric future for lithium” with publication date: September 15, 2017.

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